COMMODITIES: WTI Rises Close to 5% Following Latest Israel-Iran Escalation

The primary trend condition in WTI futures remains bullish and recent weakness appears corrective. Key support to watch is $90.57, the 50-day EMA. The contract has traded through it, a clear breach is required to highlight a top and the start of a stronger correction. This would open $77.22, the Apr 17 low. For bulls, key resistance has been defined at $105.21, the May 18 high. Clearance of this hurdle would resume the primary uptrend. Moving average studies in Gold remain bearish and this continues to highlight a dominant downtrend. A sharp sell-off on Friday reinforces the bearish theme. This signals scope for an extension towards the next key support at $4099.2, the Mar 23 low. A clear break of this level would highlight an important medium-term bearish development. Initial resistance is seen at $4519.0, the 20-day EMA.

• WTI Crude up $4.37 or +4.83% at $94.89
• Natural Gas down $0.11 or -3.5% at $3.115
• Gold spot down $39.49 or -0.91% at $4290.03
• Copper up $2.9 or +0.46% at $631.2
• Silver down $0.83 or -1.22% at $67.0565
• Platinum down $13.21 or -0.74% at $1768.4